June 6th, 2024
Today's tax lab session, led by Veronica Herrera, centered on a tax plan from Luba Milgram, enhancing service delivery and client financial strategies. Veronica kicked off the meeting by addressing the surge in tax lab requests, introducing a priority system based on subscription types, and discussing cost segregation tactics for rental properties. Luba then showed her tax plan for a dentist operating as an S-Corp. The discussion emphasized the importance of correctly categorizing distributions and ensuring reasonable compensation. The session also explored strategies to enhance the Qualified Business Income (QBI) deduction by adjusting salary and contributions to retirement plans, considering the nuances of state taxes, and emphasizing the importance of client-specific financial planning. Overall, the discussions were rich in technical details, aimed at refining client interactions and financial outcomes, while also addressing comprehensive tax planning and client engagement issues.
June 13th, 2024
In a comprehensive tax lab meeting led by Veronica Herrera, and covering tax plans created by Luba Milgram and Claudia Gloria, the team explored a variety of financial strategies to optimize a clients' tax positions. The discussion covered enhancements in health insurance, HSA eligibility, Roth IRA qualifications, and detailed payment responsibilities. The participants thoroughly reviewed the client's potential tax deductions, such as itemized deductions, residential energy credit, and deductions related to pass-through entities, non-cash donations, and real estate ventures. Additionally, strategies for reducing a doctor's taxable income through various means like donations and retirement plans were evaluated. The complex classification of a psychologist’s business under the SSTB category and the use of a C-Corp for managing investments and fringe benefits under the Tax Cuts and Jobs Act were also significant topics. The meeting wrapped up with strategies focused on leveraging real estate deduction taxes and implementing investment strategies using a C-Corp.
June 20th, 2024
The Tax Lab meeting led by Jackie Meyer and featuring Brian Long focused on comprehensive tax planning strategies, addressing clients' diverse needs from retirement planning to education expenses and charitable contributions. Discussions included tax-saving methods for S-corps, the utilization of backdoor Roth and qualified charitable distributions, and alternative investments like the Augusta rule and solar credits. The team debated the passive versus non-passive investment options, fee structures over a 10-year ROI period, and strategies for effective client engagement and transparent sales processes. They also reviewed operational enhancements for managing and prioritizing client tax plans, with Lisa Marie Odeja confirming the handling of her submissions. The meeting underscored ongoing client interactions through quarterly and annual reviews to maximize long-term benefits.
June 27th, 2024
Today's tax lab was led by Veronica Herrera. We encountered some technical issues at the beginning of the lab, but the group was still able to have a successful lab reviewing a 1040 that Jeffrey Wolf submitted with his tax plan. Jeffery's client is a company that sells breath mints. They are set up as a partnership with 3 partners. The company is projected to almost double their revenue in 2024 - expecting to earn around $10,000,000 in revenue. The partners are taking distributions instead of salaries. The group discussed the depreciation schedule, QBI deduction, itemized deductions, charitable contributions, pass through entity, 401k, HSA, and 529 Savings Plan. The group also discussed how to handle a partnership situation, where you are planning for one partner, but also attempting to bring in the other partners to create tax plans for them, as well. The last few minutes of the lab discussed Lisa Odeja's tax plan, which centered around creating tax plans and the specifics of tax calculations and compliance for low-income realtor clients.